Cambodia Retired Resident Visa and Bank accounts in Cambodia

[John9]

Can any one advise how to get Cambodia Retiree Resident visa ? Procedure, costs, time taken and any recommendation of Agents in  phnom penh - captal city as well  where best to stay intially ? Which area is safe and where more expats live ? Also how safe is Cambodian banks for depositing foreign currency deposits in GBP/USD ? Is it easy to take out after maturity of deposit to transfer abroad - out of cambodia ? All help, advise will be appiriciated and I thank all in advance. Please comment.

[uheuhe]

I have no experience with a retirement visa in Cambodia, but my friends tell me that it is quite easy to get.

Concerning banks, I got my bank accounts more than 10 years ago. It was easy to get an account at that time, and I opened accounts in 7 different banks.

There have been no problems with the banks but currently, I only have 4 remaining banks. All my accounts are in US$.

1. ABA
https://www.ababank.com/
is the most popular bank among my friends (local and expats) in Cambodia. The bank covers all types of bank business and is probably the most progressive all-round bank with a good reputation. It is a subsidiary of the National Bank of Canada.

2. KB Prasac (my favorite)
https://www.kbprasacbank.com.kh/en/
Excellent for fixed accounts and plain bank accounts. Transferring to other Cambodian banks is free and instant, using the Bakong transfer system.
The bank is owned by KB Kookmin Bank, one of South Korea's biggest banks.
They give at the moment 8,25% on 12 months fixed accounts.

3. Hattha Bank
https://hatthabank.com/
Hattha Bank is a subsidiary of the Thai Bank Krungsri.
Krungsri is a strategic member of the Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial group.
You can get 8% on a 12-month fixed account, and they have a money-on-demand account called HYSA account where you can get up to 5%

4. May Bank
https://www.maybank2u.com.kh/
Malaysia's biggest bank.
I use that as a 'safe haven' and for transfer to and from Cambodia.

All the above banks use Bakong,
https://bakong.nbc.gov.kh/en/ is a very excellent, free, domestic money transfer system.

 

There is a 14% tax on interest for foreigners, deducted before the interest is added to your account.

Where to live?
Well, I started in Phnom Penh but got tired of the traffic and chaos. 5 years ago I bought an apartment in Siem Reap. It is much smaller but has a big expat community and lots of exciting restaurants. It is probably Cambodia's most international city.

I like Thailand, but I love Cambodia.

Edited August 24, 2023 by uheuhe

[Burma Bill]

On 8/23/2023 at 8:55 AM, John9 said:

Can any one advise how to get Cambodia Retiree Resident visa ? Procedure, costs, time taken and any recommendation of Agents in  phnom penh - captal city as well  where best to stay intially ? Which area is safe and where more expats live ? Also how safe is Cambodian banks for depositing foreign currency deposits in GBP/USD ? Is it easy to take out after maturity of deposit to transfer abroad - out of cambodia ? All help, advise will be appiriciated and I thank all in advance. Please comment.

I am a UK ex-pat living in Siem Reap for the past 3 years. Unfortunately I cannot comment on Phnom Penh, Battambang or other Provincial cities as I am not familiar with them other than as a tourist. There are many ex-pats in Siem Reap.

Retirement Visa (must be 55 years or older):-

On entering Cambodia, on arrival at point of entry (land or air), get an ORDINARY visa (tick the appropriate small box on the application form). Do not tick the "Tourist" box. This visa which is stuck into your valid passport allows you 30 days and costs 30$. This was convenient for me as it allowed me time to settle into my new accomodation, set up a Cambodian bank account (not necessary for a visa) and, most importantly, get registered free on FPCS (Foreigners Present in Cambodia System) once you have found suitable accomodation. The onus for registering is down to your landlord, hotel manager etc.  and not you, so ask.  Before the 30 days expires, go to an official visa agent, usually incorporated within most travel agencies. You do not deal with Immigration itself. Present your valid passport (with the initial Ordinary visa), 2 recent pp photos, visible evidence of FPCS registration (smartphone or paper copy) and 300$ (this can vary slightly). My current one cost me 290$ for 1 year. You do not have to show the Thai scam of money in the bank. The agent sends your passport and application form etc. to Phnom Penh for processing by Immigration. This usually takes 10 working days and the agent notifies you on its return. SO take a copy of your passport with the initial Ordinary visa - no problems with copies as everyone knows of the "10 day process". On return, your passport will display a Retirement (ER) visa which also incorporates Multiple Re-enteries. There are no 90 day reports, so you repeat the process one year later. There are 6 month (and shorter) retirement visas.

Banks and Finances

There are many safe and reputable banks in Cambodia, the most popular being ABA (Associated Bank of Asia - part of the Bank of Canada group). For reference:

However, the biggest banks in Cambodia are considered to be ACLEDA Bank Plc, Canadia Bank, ABA Bank, Foreign Trade Bank of Cambodia (FTB), Union Commercial Bank (UCB), J Trust Royal Bank (formerly ANZ Royal), Vattanac Bank, Maybank, BRED Bank (Maybank is Malaysian)

 

I receive 3 UK pensions which are paid in GBP. These are converted into US$ and credited to my Cambodian bank account. A fee of 10US$ is charged for each pension. I have a debit card but not allowed a credit card. I have the option of withdrawing Khmer Riels at ATMs.

I am not a financial "whiz-kid" or investor so I cannot comment on such matters.

 

Siem Reap is a safe city, however as elsewhere in the World, be cautious at night (Phnom Penh as I have been informed). 

 

 

Edited August 24, 2023 by Burma Bill
additional information

[Homburg]

Technically there is no "retirement" visa.  What is available is a visa extension based on retirement. For those aged 55 or over the process is (VERY) simple. My passport is UK, there may be slightly different requirements for different nationalities, but I expect it's broadly similar.

 

1.  Enter the country on an Ordinary Visa (NOT a Tourist Visa as that cannot be extended) $35 on arrival, $42 online (Visa on Arrival takes up a full page in your passport, online visa avoids this - so I always apply online).  2. Apply for a retirement extension of 6 months or longer (shorter extensions are available, but you need minimum 6 months to open a bank account).  One passport pic required and a screen grab from the FPCS (Foreigners Present in Cambodia System).  The extension takes up a full passport page.  In July 2023 the cost for a 12 month extension was $290 via an agent (I used Cina Travel - Street 130 in Phnom Penh) - the agent liaised with the hotel to deal with the FPCS.  I found it to be a professionally managed and stress-free experience.   3. Receive the extension after about 7 working days and open a bank account.

 

The 12 month extension is multiple entry, no proof of income required, no 90 day reporting, no B800,000 deposit required, no queueing at immigration.....

 

I opened an ABA account (also in July 2023) because, in Phnom Penh, ABA has many branches/ATM's.  ABA listed a number of requirements on its site, including proof of residence (rental contract etc.) which looked difficult as I stay in an hotel, but in fact all they were interested in was to see the visa extension.   You also need a Cambodian phone number to receive verification texts, but that's no biggie.  The bank account was opened in about half an hour and my ATM card arrived at the branch the next day.

 

After a year, when applying to renew a 12 month visa extension, this can be done within the last 30 days of validity of the existing extension.

 

Hope that helps?

[Burma Bill]

1 hour ago, Homburg said:

I opened an ABA account

With respect, may I add a reference.

I also had an ABA account, but the bank withdrew Personal Internet Banking on computers and laptops in favour of smartphones. I now use J Trust Royal Bank which offers and supports Personal Internet Banking on computers and laptops (also smartphones of course). The branch in Siem Reap has just been completely refurbished and the staff extremely helpful. Thank you.

[Homburg]

34 minutes ago, Burma Bill said:

With respect, may I add a reference.

I also had an ABA account, but the bank withdrew Personal Internet Banking on computers and laptops in favour of smartphones. I now use J Trust Royal Bank which offers and supports Personal Internet Banking on computers and laptops (also smartphones of course). The branch in Siem Reap has just been completely refurbished and the staff extremely helpful. Thank you.

Yes you may, and the lack of ABA internet banking is a concern.  If you still have the ABA account then my suggestion would be to manage this through the app (but SECURELY - using a separate phone, used for this purpose only and rendered useless to anyone else who tries to use the app - pm me if you want details of how to achieve this).  I similarly also have a JTR account, opened many, many years ago when it was ANZR and there was no requirement for any long-term visa in order to open the account, but I have on recent occasions found cash via the JTR ATM's to be inaccessible (more than once - and why does this always happen at the weekend!?), plus there is no two factor authentication to log on to JTR's online banking which is another concern. 

[zzzzz]

It is NOT a resident visa, nor is it a retirement visa!!!   Its an Extension same as Thailand

I opened my bank at CAB< Internet banking, works great, can use other atms for free as well:
Opened it with my initial 30 days "ordinary" visa ( cost $35) VOA  , with no additional paperwork, you dont need be on an extension.  

Over 55  get a 1, 3, 6, 12 month extension (ER  6 & 12 are multiple entries)
IF ur UNDER 55 still can get the Ordinary visa and a 3 month extension ( EG) which is technically issued so u cna look for work,  Than you must leave
Banks wont open an account on a tourist visa so dont get one!!!
1 year extension in Kampot /Kep cost $300/year
Very easy to do.

ALSO unlike Thailand, Cambodian banks pay VERY high interest rates ( 7+ % for 1 year deposits!!)

Edited August 24, 2023 by zzzzz

[GypsyT]

Burma Bill "I receive 3 UK pensions which are paid in GBP. These are converted into US$ and credited to my Cambodian bank account."

 

Can you keep your deposits in USD? And take USD out in cash? Thanks.

 

[Homburg]

13 minutes ago, GypsyT said:

Burma Bill "I receive 3 UK pensions which are paid in GBP. These are converted into US$ and credited to my Cambodian bank account."

 

Can you keep your deposits in USD? And take USD out in cash? Thanks.

 

Yes.  That is what I do.  Two of my Cambodian bank accounts hold US$ and ATM's in Phnom Penh will dispense US$.  i expect that it is the same in Siem Reap.  Things may be different in other areas, such as Poipet.

[Sheryl]

In any Cambodian bank, you have a choice of an account in USD or in Cambodial riel.

[Burma Bill]

13 hours ago, GypsyT said:

Burma Bill "I receive 3 UK pensions which are paid in GBP. These are converted into US$ and credited to my Cambodian bank account."

 

Can you keep your deposits in USD? And take USD out in cash? Thanks.

 

Very much so. When I opened my account, the bank (J Trust Royal) set it up as a $ account. Currently, most ATMs in Siem Reap issue only 100$ bills. The days of smaller 50$, 20$ and 10$ bills are more or less over because the Cambodian Government is promoting the Riel. If I want smaller $ bills, I go to my bank and withdraw them over the counter. Although my account is $, I can withdraw Riels from ATMs, or over the counter, for the local family shops and markets where $ are rarely accepted. (same for cashless smartphone apps etc.)

 

For reference: The ATMs in the Immigration Hall at Siem Reap Airport do issue lower value $ bills so that you can pay the 30$ for a VISA ON ARRIVAL which will take up one page in your passport.

Edited August 25, 2023 by Burma Bill
additional information

[Homburg]

On 8/24/2023 at 8:46 AM, uheuhe said:

I like Thailand, but I love Cambodia

My thoughts exactly!

[GypsyT]

Looks like Cambodia is way more farang friendly and modern in banking.

Do you visit Thailand often?

If you do is there red tape to return like in Thailand?

 

A man, 75yrs, who lived in Thailand is living in Kampot now and writes to forums in Europe. He's very happy. Claims "living is 50% of Pattaya". Sounds too good but no reason he's lying.

Edited August 25, 2023 by GypsyT

[moana]

On 8/24/2023 at 2:46 PM, uheuhe said:

There is a 14% tax on interest for foreigners

The 14% tax is applicable to non-residents, not "foreigners". If you can prove to the bank that you're a resident (not necessarily citizen/PR holder) then you get the 6% tax rate.

 

I've been able to convince all but one bank (out of 5 accounts) that I'm a resident and my 6% tax rate has never been questioned since.

[SingAPorn]

Cambodia seems far better choice then Thailand and totally hassle free for all visa related matters.

[Middle Aged Grouch]

12 minutes ago, SingAPorn said:

Cambodia seems far better choice then Thailand and totally hassle free for all visa related matters.

E visa from Cambodia immigration takes around 3 days with far less problemes or requirements for legalized, translated or notorised absurd requests.

 

E visa from Thailand, handled by the consulates in Europe,  takes more then a month and not even guaranteed as mentioned, despite having taken payment,

 

Quite clear I guess.

[GypsyT]

SingAPorn

Off topic; You are the winner of "Smartest and Funniest Nick" ????

[zzzzz]

On 8/25/2023 at 12:24 AM, Sheryl said:

In any Cambodian bank, you have a choice of an account in USD or in Cambodial riel.

+ with a Cambodian bank atms u have a choice to be paid out in $$ or Riel
so having a US account is gold ( although interest is less than Riel account)

to pay the 6% vs 14% tax on interest my CAB bank i only had to show a long term extension. 

Edited August 26, 2023 by zzzzz

[zzzzz]

10 hours ago, GypsyT said:

Looks like Cambodia is way more farang friendly and modern in banking.

Do you visit Thailand often?

If you do is there red tape to return like in Thailand?

 

A man, 75yrs, who lived in Thailand is living in Kampot now and writes to forums in Europe. He's very happy. Claims "living is 50% of Pattaya". Sounds too good but no reason he's lying.

BS:
i recently lived in Kep for 16 months and previously and now live in Phuket

The ONLY things cheaper in Cambodia are Cigs, alcohol, some brands of cereal, peanut butter, a few other foods and cheap plastic toys from china

90% of everything else cost more!@!!

Yes $300 for a 1 year extension is a good deal as you than have really no interaction with immigration ( let an agent do it) 

[how241]

I would be interested in getting some better interest than the crazy low rates Thai banks are paying.  I have a USA passport.  Can I still open bank accounts in Cambodia?   I know many/most countries do not want to bother with USA customers due to the reporting requirements of the USA govt.  I opened several Thai banks about 12 years ago and back then the  Thai banks didn't care so much about USA reporting laws.  How could I move the money to Cambodia ?   I have money in Thai banks and some on the internet in crypto.  Crypto coin transfers  would be good if any of the banks would accept them. Would hand carrying $25K in cash be a problem ?  Would the Cambodia banks question the 'cash'?  Thanks for any advice or info. 

Edited August 26, 2023 by how241

[GypsyT]

"BS:
i recently lived in Kep for 16 months and previously and now live in Phuket"

 

How about housing?

He posted a pic of nice bungalow. Rent $ 150/month. Everything included. True or not?

[Homburg]

1 hour ago, how241 said:

Would hand carrying $25K in cash be a problem ?

Yes. You will be quizzed on the origin of the funds (I have been quizzed when depositing less than $1k, which the bank considered to be "big money"!), plus Cambodian banks can be very picky regarding the condition of $ bills.  I recently had JTR's Riverside Branch bounce a $100 bill os "too old".  I was surprised as it looked almost new to me tbh, and it was subsequently accepted without comment at JTR's Olympic Branch, but bringing cash, unless totally new bills from the US, can be a minefield.  

[Sheryl]

4 hours ago, how241 said:

I would be interested in getting some better interest than the crazy low rates Thai banks are paying.  I have a USA passport.  Can I still open bank accounts in Cambodia?   I know many/most countries do not want to bother with USA customers due to the reporting requirements of the USA govt.  I opened several Thai banks about 12 years ago and back then the  Thai banks didn't care so much about USA reporting laws.  How could I move the money to Cambodia ?   I have money in Thai banks and some on the internet in crypto.  Crypto coin transfers  would be good if any of the banks would accept them. Would hand carrying $25K in cash be a problem ?  Would the Cambodia banks question the 'cash'?  Thanks for any advice or info. 

Most Cambodian banks require either a long term visa or work contract to open an account. 

[Burma Bill]

On 8/25/2023 at 10:44 PM, GypsyT said:

Do you visit Thailand often?

If you do is there red tape to return like in Thailand?

No, just once in November 2022 to Chiang Mai. The pandemic restrictions (especially in Thailand) prevented earlier visits. I hope to visit Chiang Mai again this coming November 2023, flying with Air Asia Fly-Thru from Siem Reap to CNX via DMK.

No red tape on return to Cambodia if you have a valid passport and visa. One has to complete another "Arrival/Departure" card part of which is stapled to your passport for your next departure.

 

For reference: The new Siem Reap International Airport is due to open this coming October 2023 but is 50 kms from the city and could potentially add extra travel costs. Check with your hotel etc. regarding pick-up and drop-off facilities. A monorail system has been agreed with the Chinese, but for the future.

[GypsyT]

"but bringing cash, unless totally new bills from the US, can be a minefield."

 

I've changed THB back to USD at Super Rich. They had new $ 100 USD bills.

They were so new I was worried they were not for real but all was OK.

[GypsyT]

The more I read more I like - Cambodia ????

 

"In Cambodia, all you need to do is purchase a visa-on-arrival at the airport by filling out a short form, providing two passport photos, and paying $35 for a “business” or “ordinary” visa, which will be valid for one month.

Once you are in the country all you have to do is extend your visa for a one-year period—at a cost of less than $300—which allows you to live in the country and come and go at your pleasure, without the stringent income requirements needed by many other Southeast Asian countries. As long as you behave yourself, the authorities are happy to welcome another foreign guest to their country to support the local economy."

 

Gotta give a go. Starting w 6 or 12m visa w multi entries for less than $ 300.

 

[JimTripper]

I lived in Cambodia for years without a  bank account there. Everything is still cash. I just hit the atm with my home country debit card. If it ain’t broke why fix it?